Global Market Study on Testing, Inspection, & Certification: Increasing Outsourcing of Services & Tightening Regulatory Standards Trend in TIC Landscape

The testing, inspection and certification market report by MRRSE provides information about market value (US$ Mn) projections, market trends, dynamics, forecast factors, and key developments in the global testing, inspection and certification market for the study period 2018 to 2028.

Improved Safety Regulations and Legislations, and Increased Outsourcing of Testing, Inspection and Certification Services to Assist Market Growth

The push towards outsourcing, and in specific instances, the privatization of state-owned laboratories will continue to be a strong driver for the growth of this market. As per estimations, nearly 40% of the overall market is currently outsourced, which is further expected to grow in the near future.

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Moreover, the increased level of stringent standards and regulations across various application sectors is expected to assist the demand for testing, inspection and certification services over the near future.

Mergers & Acquisitions across Multiple Application Sectors – Focus Area for Testing, Inspection and Certification Market Players

Key players involved in testing, inspection and certification services are focusing on mergers and acquisitions across the globe. Further, companies are focusing on the expansion of their testing, inspection and certification facilities in emerging economies, especially in China. For instance, SGS SA has announced the expansion in its capabilities with the introduction plant tissue testing and recommendation services for the market in China.

Industrial – Prominent Segment for Testing, Inspection, and Certification

The global testing, inspection and certification market has been segmented on the basis of application into consumer & retail, food & agriculture, oil, gas & chemicals, mining & minerals, industrial, transportation, and system certification. The system certification segment is projected to register 1.8X growth over the forecast years in the global testing, inspection and certification market.

Revenue generation from industrial testing, inspection and certification services is expected to account for a prominent share, supported by escalating demand from the pharmaceutical and construction sector across Asia Pacific.

The oil, gas & chemicals and industrial application segments, together, are expected to create more than half of the total incremental opportunity during the forecast years.

South Asia and East Asia Regions to Assist Market Growth in the Near Future

Continuous expansion into new markets and developing economies, primarily through acquisitions, and dealing with new tax and legislative regimes are the key factors that are expected to escalate the growth of testing, inspection and certification market in the South Asia and East Asia regions.

Europe accounted for a lion’s share in the global testing, inspection and certification market in year 2017, and is expected to continue its dominance over the forecast years. The East Asia market is anticipated to witness maximum growth in the global testing, inspection and certification market. In terms of market value, the market in North America is anticipated to witness 1.7X growth in the global testing, inspection and certification market.

Testing, Inspection, & Certification Market – Competitive Landscape

Globally, the testing, inspection and certification market is significantly fragmented, with the top 3 providers holding a small share in the global market.

The global testing, inspection and certification market has witnessed a large number of developments in the recent past. The introduction of new laboratories and merger & acquisition activities are found to be the key focus areas of prominent testing, inspection and certification service providers across the globe.

For instance, in January 2019, SGS SA announced the acquisition of LeanSis Productividad, based in Spain. This acquisition will help the company gain expertise in the field of organizational capacity building.
In February 2019, Bureau Veritas SA and Microsoft announced a partnership to launch testing services based on artificial intelligence.

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Key Questions Answered in the Report

How has the testing, inspection and certification market evolved in the past 4 years?
How is the testing, inspection and certification market expected to take shape in terms of value over the next decade?
What are the market dynamics in the global testing, inspection and certification market?
What are the competition developments and key trends identified in the global testing, inspection and certification market?
What are the key challenges for testing, inspection and certification service providers?
What is the market presence of prominent companies in the testing, inspection and certification market by service and application?
What is the market share of the top 10 players in the global testing, inspection and certification market?

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